HMRC updates money laundering registration fees
HMRC has updated the initial fee paid when registering for anti money laundering supervision under the money laundering regulations, setting a fee of £115 to be paid yearly for each premises registered
9 Jan 2017
If more than one premises is being listed then a single payment can be made which covers all fees. Initial registration fees must be paid by cheque, afterwards remaining fees can be paid by internet/telephone banking, Faster Payments, Bacs (Bankers Automated Clearing System) Direct Credit and CHAPS (Clearing House Automated Payment System).
Other fees include: renewal fees and ‘fit and proper’ test fees.
HMRC uses the fees to provide advice and guidance to companies to help them meet their money laundering regulations responsibilities, carry out checks to make sure that businesses are doing all they need to under the regulations and work with other organisations, for example assisting the National Crime Agency with prosecutions.
The charges for 2015 and 2016 are below:
1 April 2015
1 April 2016
Fit and proper test
HMRC may cancel a registration if annual renewal fees are not paid on time. HMRC may cancel your registration if you don’t pay your annual renewal fee on time.